Analysts Upgrade of the Day: Evoke Pharma Inc (NASDAQ:EVOK)

Evoke Pharma Inc (NASDAQ:EVOK) shares were up 14.92% on Monday when approximately 1.44M shares were traded, against the average daily trading volume of 1.83M. Analysts at Credit Agricole recently upgraded the stock to Underperform from Buy. Evoke Pharma Inc (NASDAQ:EVOK) has a consensus buy rating, according to Zacks Investment Research. 1 analyst has rated the stock with a sell rating, 1 has assigned a hold rating, 1 says it’s a buy, and 2 have assigned a strong buy rating to the company.

Analysts have a consensus target price of $5.05 in the 12-month period. The price objective is 77.19% higher than the recent closing price of $2.85. The 52-week price range is $1.35-$11.11 and the company has a market capitalization of $35.17M.

Evoke Pharma Inc (EVOK) on November 10, 2016 announced its financial results for the third quarter ended September 30, 2016.

Dave Gonyer, R.Ph., President and CEO, stated, “The third quarter was a very active time for Evoke. After receiving results from our Phase 3 clinical trial of Gimoti™ for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women, we began extensive data analysis to better understand the outcome. We also completed a pre-New Drug Application (NDA) meeting with the U.S. Food and Drug Administration (FDA) related to various regulatory, chemistry, manufacturing, and control (CMC), and non-clinical requirements in connection with the Company’s potential Gimoti NDA submission. Based on the review, discussion, and minutes received, it was determined that the available data would be sufficient for submission of that portion of an NDA utilizing the 505(b)(2) pathway, with acceptance of the final NDA subject to their review of the complete package. We consider this non-clinical pre-NDA meeting a positive discussion based on these areas of development which will serve as a precursor to a future meeting to discuss the clinical portion of the NDA submission.”

Mr. Gonyer continued, “While our Phase 3 trial did not meet its primary endpoint, there was a wealth of affirmative information gained from this study and our Phase 2b trial, as well as data from over 35 years of patients using the oral and IV formulations of metoclopramide for the relief of symptoms associated with gastroparesis, particularly nausea and vomiting, all of which we believe will be important for our next meeting with the FDA. As we continue to explore the options for Gimoti, we have a strong balance sheet to support our efforts following two financings during the quarter. We look forward to our continued discussions with the FDA and are hopeful about the future for Gimoti and its potential to provide women suffering from diabetic gastroparesis with a needed non-oral therapeutic option.”